“Sustained investment in businesses is a necessity now,” says Mr Smith. He adds that more providers could exit the Sipp market in the next two to three years by failing to keep up with digital progressions.
“Providers that have already started the journey to invest in digital technology will be the ultimate winners. Those that haven’t started yet may need to be consolidated or risk declining at pace.”
One thing that has arguably been clear for many years now is that consumers are not deterred by complexity, so as long as the option they desire can be found within this complexity. It also remains apparent that Sipps will continue to be a fundamental consideration for retirement.
However, with mergers and acquisitions still very much the flavour of the month, the number of providers to choose from is likely to decrease.
